BETHESDA, Md.--(BUSINESS WIRE)--
Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that
it has entered into an agreement to acquire the Mondrian Los Angeles for
$137.0 million from Mondrian Holdings LLC. The 237-room luxury,
full-service hotel is located in Los Angeles, California. The Company
expects to fund the purchase price with available cash. The closing is
expected to occur during the second quarter; however, because the
acquisition is subject to customary closing requirements and conditions,
the Company can give no assurance that the transaction will be
consummated during this time period, or at all.
About Pebblebrook Hotel Trust
Pebblebrook Hotel Trust is a publicly traded real estate investment
trust (“REIT”) organized to opportunistically acquire and invest
primarily in upper upscale, full-service hotels located in large urban
and resort markets with an emphasis on the major coastal cities. The
company owns 11 hotels, totaling 3,191 guest rooms in six states and the
District of Columbia, including 10 markets: Bethesda, Maryland; San
Francisco, California; Buckhead, Georgia; Washington, DC; Minneapolis,
Minnesota; Stevenson, Washington; Santa Monica, California;
Philadelphia, Pennsylvania; San Diego, California; and Seattle,
Washington. For more information, please visit www.pebblebrookhotels.com.
This press release contains certain “forward-looking” statements
relating to, among other things, potential property acquisitions.Forward-looking
statements are generally identifiable by use of forward-looking
terminology such as “may,” “will,” “should,” “potential,” “intend,”
“expect,” “seek,” “anticipate,” “estimate,” “approximately,” “believe,”
“could,” “project,” “predict,” “forecast,” “continue,” “plan” or other
similar words or expressions.Forward-looking statements are
based on certain assumptions and can include future expectations, future
plans and strategies, financial and operating projections or other
forward-looking information.Examples of forward-looking
statements include the following: descriptions of the Company’s plans or
objectives for future operations, acquisitions or services and
descriptions of assumptions underlying or relating to any of the
foregoing expectations regarding the timing of their occurrence.These
forward-looking statements are subject to various risks and
uncertainties, many of which are beyond the Company’s control, which
could cause actual results to differ materially from such statements.These risks and uncertainties include, but are not limited to, the
state of the U.S. economy, supply and demand in the hotel industry and
other factors as are described in greater detail in the Company’s
filings with the Securities and Exchange Commission (“SEC”), including,
without limitation, the Company’s Annual Report on Form 10-K for the
year ended December 31, 2010.Unless legally required, the
Company disclaims any obligation to update any forward-looking
statements, whether as a result of new information, future events or
otherwise.
For further information about the Company’s business and financial
results, please refer to the “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” and “Risk Factors”
sections of the Company’s SEC filings, including, but not limited to,
its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q,
copies of which may be obtained at the Investor Relations section of the
Company’s website at www.pebblebrookhotels.com
and at www.sec.gov
.
All information in this release is as of April 25, 2011.The
Company undertakes no duty to update the statements in this release to
conform the statements to actual results or changes in the Company’s
expectations.The Company assumes no responsibility for the
contents or accuracy of the information on any of the non-Company
websites mentioned herein, which are included solely for ease of
reference.
For additional information or to receive press releases via email,
please visit our website at www.pebblebrookhotels.com
Source: Pebblebrook Hotel Trust
Contact:
Pebblebrook Hotel Trust
Raymond D. Martz, Chief Financial Officer,
240-507-1330